Contents
- 1 XM Basics
- 2 Our Opinion About XM
- 3 Key Benefits
- 4 XM Regulation
- 5 XM: Legit Or Scam?
- 6 Trading Assets
- 7 XM Account Types
- 8 XM Registration: How To Open A Trading Account
- 9 XM Registration: How To Verify A Trading Account
- 10 XM Deposits and Withdrawals
- 11 XM Trading Platforms
- 12 Trading Tools
- 13 Education
- 14 Extra Trading Services
- 15 XM Customer Support
- 16 Our Verdict
- 17 XM Forex Broker Review FAQ
XM Basics
| 🏛️ Based in | Limassol, Cyprus |
|---|---|
| ⚖️ Regulation | CySEC, FCA, DFSA, IFSC |
| 💰 Minimum Deposit | $5 (2000 Naira) |
| 💳 Deposit Options | VISA, MasterCard, Bank Wire, Skrill, Neteller. |
| 💳 Withdrawal Options | VISA, MasterCard, Bank Wire, Skrill, Neteller. |
| 📌Open an account | Start Trading with XM |
Our Opinion About XM
XM is an award-winning international broker. It has a global client base and provides its services to traders in over 196 countries, including many in Africa. XM prides itself on its customer service and its top priority is making sure that its clients get a seamless trading experience.
Key Benefits
XM Regulation
XM is a regulated online broker. It has licences from several regulatory bodies including ASIC, CySEC, and the DFSA. XM also has licences from the FCA in the UK and registrations with many major EU financial authorities. Here is a list of their current registrations.
- XM Subsidiary: Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission in Cyprus, with licence number CySEC 120/10
- XM Subsidiary: Trading Point of Financial Instruments Pty Ltd is regulated by the Australian Securities and Investments Commission in Australia, with licence number ASIC 443670
- XM Subsidiary: Trading Point of Financial Instruments UK Ltd is regulated by the Financial Conduct Authority in the UK, with licence number FCA 705428.
- XM Subsidiary: Trading Point MENA Limited is regulated by the Dubai Financial Services Board in Dubai, with Reference No. F003484
- XM Subsidiary: XM Global Limited is regulated and monitored by the Belize IFSC in Belize, under licence number 000261/104.
Regulation in Kenya
Traders in Africa can register for an XM trading account under XM Global Limited, which is regulated by the Belize IFSC. Some people consider the IFSC to be less strict than other regulators when it comes to monitoring and oversight. However, the IFSC does have many strict policies. For example, they ask forex brokers to keep client funds in segregated accounts, separate from their company funds. They also ask forex brokers to issue monthly statements to the IFSC. This means that, despite what many people think, they do monitor broker activity and enforce strict client fund protection measures. As such, you can expect XM to offer good service and fair treatment.
Client Fund Protection
XM follows all industry guidelines for client fund protection. They implement strict segregated account policies, and hold client funds in separate accounts, with tier-one banks. This ensures that XM can never use client money for its own business purposes. They also implement negative balance protection policies. This means that XM can never allow client balances to drop below zero. In addition to these regulatory guidelines, XM also operates using additional cyber security and data protection measures, for added client fund protection.
XM Industry Awards
XM has won many industry awards in recognition of their great products and services. They are also well-known for their excellent market research, educational resources, and trading support. Some of their most recent industry awards include:
- Best Crypto CFDs 2022 (Financial Expo Egypt)
- Best FX Service Provider 2022 (City of London Wealth Management Awards)
- Best Customer Support 2022 (CFI.co)
- Best Forex Trading Support (Global Forex Awards – Retail)
XM: Legit Or Scam?
XM is a legit forex broker. They are an established company and have been offering forex trading services for many years now. In this time, XM have earned the trust of many traders and gained a large client base in Kenya. They have obtained licences from some of the top financial authorities in the world, and continued to offer an excellent online trading experience throughout. With regards to their trading products, they have great trading accounts, good trading instruments, and excellent overall trading conditions. With regards to their trading services, they also have reliable payment methods, quick withdrawals, and good client fund protection. In our opinion, they are a legit broker.
Trading Assets
XM gives you access to over 1000 trading assets. You can choose from many different instruments including currency pairs, commodities, indices, stocks, metals and energies.
Trading Instruments
- Forex – They offer 57 XM forex instruments, including majors, minors, and exotics pairs. The leverage available on forex pairs is up to 1:888.
- Stock CFDs – XM offers 1291 stock CFDs, including a wide range of popular US, UK, and EU stocks. The leverage available on stock CFDs is up to 10:1.
- Commodities – XM offers 10 commodities, including gold, silver, coffee, corn, soybeans, and wheat. The leverage on commodities is 1:50.
- Equity Indices – XM offers trading on 14 indices, including the US30Cash, the UK100Cash, and the EU50Cash. The leverage on indices is up to 1:200.
- Energies – XM offers trading on 5 energies, including Brent, Natural Gas, and Oil. The available leverage on energies is up to 67:1.
XM Account Types
This broker has three live trading. These are the Micro Account, the Standard Account, and the XM Zero Account. They all come with excellent trading conditions and trading platforms.
| Type | Spreads | Min. Deposit | Max. Leverage | Commission |
|---|---|---|---|---|
| Micro | From 1.7 pips | $5 | 1:1000 | $0 |
| Standard | From 1.7 pips | $5 | 1:1000 | $0 |
Micro Account
XM is one of the top forex brokers in Africa when it comes to micros accounts. The XM micro account comes with very entry requirements. As such, it is a great choice for new XM forex traders who have less initial trading capital. It also comes with low trading costs, an average spread of 1.7 just pips, and high leverage of up to 1:1000. The XM minimum deposit for this account is $5. The available base currencies are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
Standard Account
XM is also one of the top brokers in Africa when it comes to standard live accounts. The XM standard account comes with fair pricing and transparent trading conditions. As such, it is a great choice for intermediate XM forex traders who want a good deal. The account has an average spread of 1.7 pips. It comes with high leverage of up to 1:1000. And it has a low minimum deposit of just $5. The available base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
Demo Account
The XM demo account is a helpful tools for new forex traders. With a demo account, you can trade in a virtual environment with virtual money. This means there is no minimum deposit and no risk to your funds. You can take the time to learn about the market and to master some basic online trading skills. You can also practise trading with their standard trading conditions – including spreads from 1.7 pips and leverage of up to 1:1000.
Minimum Deposit
The minimum deposit is $5 on all trading accounts.
Maximum Leverage
The maximum leverage is 1:1000. This may vary depending on which instruments you trade. Their maximum leverage is high compared to other forex providers.
XM Spreads
The average spread is 1.7 pips. This may change depending on which instrument you trade. Their spreads are fairly standard compare to other forex brokers.
XM Commissions
There are no commission fees on the XM live accounts. Their commission rates are fairly good compared to other forex companies in Africa.
XM Registration: How To Open A Trading Account
As part of our XM broker review, we checked the online registration process. If you live in Africa, then you are eligible to open an XM trading account. The account registration process is simple. The first step is to go to their website and complete the online registration form. This is so that XM can gather some personal details and start creating your account. Then, you need to select an email address and password. This is so that they can create your account login details.
The next step is to take a short online trading quiz. This is so that XM can see what you know about forex trading and if you are eligible to use their services. If you pass the test, you can proceed to the last step in the account registration process. The final step is to complete the account verification process, sometimes also known as the KYC process. It usually involves sending XM a proof of ID and a proof of address. This is so that they can complete their regulatory checks, confirm the personal information provided is correct, and approve your account. Then, you can fund your account and get ready to make your first trade!
XM Registration: How To Verify A Trading Account
In order to verify your trading account, you’ll need to provide XM with a proof of ID and a proof of address. This is so that they fulfil their regulatory responsibility and check the contact information provided is correct. The account verification process is simple. You can provide them with copies of your National ID card, Passport or Driving License . You can also provide them with copies of a utility bill or a bank statement registered in your name. After you have sent the copies, XM will approve and activate your trading account.
XM Deposits and Withdrawals
XM has several funding methods including credit cards, Skrill, Neteller, and bank transfers. Deposits are usually processed the same day. Withdrawal requests are processed within 24 hours. XM does not apply any deposit or withdrawal fees.
XM Trading Platforms
XM give you the choice of two different trading platforms – MetaTrader4 and MetaTrader5. They are available on all devices – including desktop, tablet, and mobile. The trading conditions you get on the platform will vary depending on which account type you choose.
MetaTrader4 (MT4) is probably the top online trading platform for new XM forex traders in Africa. This is because it has a simple design and comes with easy-to-use features. You can use the trading platform to trade any of the XM trading instruments including forex, stocks, commodities, and indices. The XM MT4 trading platform also has charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. This means you can use it to plan your strategies and implement your trades.
MetaTrader5 (MT5) is probably the best online trading platform for intermediate XM forex traders in Africa. This is because it comes with newer, slightly better trading tools. You can use it to access all of the top financial markets including forex, shares, and cryptos. The XM MT5 trading platform has many great features including 6 order execution types, 38 indicators, and 37 analytical objects. This means that you can use it to analyse price trends and run more advanced trading strategies.
Trading Tools
XM offers six technical indicators. There are three indicators that are particularly useful for new traders – the River Indicator, Ichimoku Indicator, and the Ribbon Indicator. The River Indicator allows you to get a better idea of how the market is moving. The Ichimoku Indicator helps you to spot support and resistance levels. And the Ribbon Indicator enables you to follow trends and know when to trade. It is worth nothing that these trading tools are only available for free on certain accounts.
Education
XM provides great education support. They offer new traders free access to their fundamental and technical analysis. This enables you to research the markets and discover new trading opportunities. They also give new traders free access to video tutorials, trading webinars, trading signals, and market news. This enables you to improve your knowledge and make better trading decisions.
Extra Trading Services
XM offers a trading signals service in partnership with MQL5. It also offers a VPS service for $30 per month if you have less than $5000 in your account.
XM Customer Support
XM has a fantastic customer support team. They offer a high level of customer service and have won many awards for their trading supports. You can contact their team via phone, email or live chat.
Our Verdict
XM is a reputable, regulated forex broker. It offers excellent trading services to its clients. It also offers great educational resources, helpful market analysis, and useful trading tools.
XM Forex Broker Review FAQ
Yes, XM in Africa is a good broker. They have low minimum entry requirements and a great range of trading accounts. XM has many a large number of online trading instruments including commodities, stocks, indices, and currency pairs. They also give you access to high leverage, low spreads, and low commission fees. In our opinion, XM is a good broker and a good option for African traders.
Yes, XM in Africa is legit. They are a regulated broker with a large, international client base. In terms of their services, they provide excellent trading accounts, competitive trading conditions, and useful trading resources. Furthermore, XM has a good payment options, quick withdrawals, and excellent client fund protection. In our opinion, they are a legit forex broker and a good choice for African traders.
Yes, XM in Africa is a regulated forex broker. The XM Group is regulated by many reputable financial authorities including the ASIC in Australia, the CySEC in Cyprus, the IFSC in Belize, and the DFSA in Dubai. XM also has registrations for outward passporting with the FCA in the UK and many EU regulators. As such, they operate under the supervision of multiple regulators and are a very reliable forex trading provider.
Yes, XM in Africa is a safe forex broker. When it comes to client fund safety, they take things very seriously, and implement strict client fund protection measures. For example, XM holds all client funds in segregated accounts, separate from its operating capital. They also offer negative balance protection. In our opinion, XM is a safe and trustworthy company to trade with.
Yes, XM in Africa offers good live trading accounts. There are two main options for live trading accounts – the XM Micro Account and the XM Standard Account. You also have the option to trade on demo accounts, Islamic swap-free accounts, or PAMM accounts.
XM has many easy funding methods. You can fund your account using debit cards, credit cards, Skrill, Neteller, and bank transfers. It is a very quick and simple process. The deposit time and the deposit fees may vary depending on which deposit method you choose.
As part of our XM review, we also looked at their minimum deposit requirements. XM in Africa has several low-cost account options and entry requirements are generally quite low. For example, the XM minimum deposit for the Micro Account is only $5.
Yes, XM is good for beginners. They have low cost account options and low minimum deposits. They also have a large selection of trading tools and educational resources. For example, beginner traders, who may need more help with their trading, can also choose to use XM PAMM service.
XM is a great broker. They have great trading accounts, fair trading conditions, and low trading costs. They also have great educational materials, good customer support, and excellent client fund security. However, if you want to see other options, there are many other great forex brokers in Africa as well. We recommend looking at HotForex, FXTM, Exinity, FXPesa, and Instaforex.
Ready to start trading? Open a trading account with XM.